Why Pension Freedom is costing retirees millions of pounds

There’s no doubt that Pension Freedom has helped many people retire early, as well as taking money from their pension in a way which suits them. It isn’t all good news though. New figures show that despite the increased flexibility, those people who buy an Annuity are still losing out on millions of pounds each year. Research reveals losses The research from Retirement Advantage, shows that in the two years since Pension Freedom started: 50% of people buy their Annuity from their current pension provider Not shopping around will cost pensioners £765 million over ...

Retirement: Annuity rates drop following Brexit decision

Brexit exit emergencyAs the political fallout from Brexit continues with almost daily resignations, the effects on your personal finances are starting to filter through. One of the key groups who will feel an almost immediate effect are those people approaching retirement. Decision time As you get nearer to retirement a number of decisions need to be made, perhaps the most pressing is how to turn your pension pot into an income. Despite the introduction of Pension Freedom in April 2015, using an Annuity, which provides a guaranteed income for the rest of your ...

Retirement: Thinking of raiding your pension pot? 10 things you need to know

Thinking of raiding your pension pot 10 things you need to know 150pxNew figures from the Financial Conduct Authority (FCA), show that in the three months to September 2015, over 120,000 ‘cashed in’ their pension pot and withdrew every penny they had. For some people this will have been the right thing to do, for others though, it may well have been a mistake, which could leave them unable to make ends meet in years to come. So, if you are thinking of ‘cashing in’ your pension, what are the key things ...